Intercorp Financial Services’ $268 Million Acquisition of the insurance and mortgage businesses of Sura in Peru


Miranda & Amado, Milbank, Rebaza, Alcázar & De Las Casas and Simpson, Thacher & Bartlett have advised on the deal

Intercorp Financial Services Inc. (“IFS”, BVL:IFS) today announced that IFS’ Board of Directors has approved the signing of a Share Purchase Agreement with companies Sura Asset Management S.A. (Colombia) and Sura Asset Management Perú S.A. (Peru) and Grupo Wiese (Peru), for the direct and indirect acquisition of up to 100% of shares of Seguros Sura S.A. and Hipotecaria Sura Empresa Administradora Hipotecaria S.A. (the “Transaction”).

The businesses that will be incorporated into IFS under the Transaction are mainly retirement annuities and individual life insurance operations. It should be noted that the Transaction is subject to the approval of the Superintendency of Banking, Insurance and Private Pension Funds of Peru. Likewise, under the authorizations that will be requested from the regulator and at the end of the integration phase, Interseguro Compañía de Seguros S.A., a subsidiary of IFS, will absorb Seguros Sura S.A. The initial base price of the Transaction was agreed at USD 268 million, subject to an eventual adjustment to be made prior to the closing date of the Transaction.

The Transaction will enable IFS to strengthen its position in the annuities and individual life insurance market to consolidate itself as a leading diversified financial services company in Peru.

Miranda & Amado advised Intercorp Financial Services with Roberto MacLean (Picture), Javier García and María Teresa Serpa.

In US, Milbank advised Intercorp Financial Services with Marcelo A. Mottesi, Roland Hlawaty, Nicholas A. Smith, Max A. Goodman, Francisco R. Núñez, Kyle R. Smit, Daniel Valenza, Lorin Kolcun, Archan J. Hazra and Benjamin Sayagh.

Rebaza, Alcázar & De Las Casas advised SURA Asset Management and Grupo Wiese with Alberto Rebaza, Felipe Boisset, Luis Miguel Elías, Camilo Maruy, Pedro Díaz, María Fernanda Gadea and Daniela Urquiza.

In US, Simpson, Thacher & Bartlett advised SURA Asset Management and Grupo Wiese with Juan Francisco Méndez, Robert E. Holo, Marcela Robledo, Borja Marcos, Jasmine Hay, Steve DeLott and Francisco Zappa.

Involved fees earner: Roberto MacLean – Miranda & Amado Abogados; Javier García Vélez – Miranda & Amado Abogados; María Teresa Serpa – Miranda & Amado Abogados; Alberto Rebaza – Rebaza Alcazar & De Las Casas Abogados Financieros; Felipe Boisset – Rebaza Alcazar & De Las Casas Abogados Financieros; Luis Miguel Elías – Rebaza Alcazar & De Las Casas Abogados Financieros; Pedro Díaz Medina – Rebaza Alcazar & De Las Casas Abogados Financieros; María Fernanda Gadea – Rebaza Alcazar & De Las Casas Abogados Financieros; Camilo Maruy – Rebaza Alcazar & De Las Casas Abogados Financieros; Daniela Urquiza – Rebaza Alcazar & De Las Casas Abogados Financieros; Juan Francisco Mendez – Simpson Thacher & Bartlett; Borja Marcos – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Marcelo Mottesi – Milbank; Roland Hlawaty – Milbank; Francisco Nuñez – Milbank; Kyle Smit – Milbank; Daniel Valenza – Milbank; Lorin Kolcun – Milbank; Nicholas Smith – Milbank; Max Goodman – Milbank; Archan Hazra – Milbank; Benjamin Sayagh – Milbank;

Law Firms: Miranda & Amado Abogados; Rebaza Alcazar & De Las Casas Abogados Financieros; Simpson Thacher & Bartlett; Milbank;

Clients: SURA Asset Management S.A.; Intercorp Financial Services; Grupo Wiese;

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Author: Ambrogio Visconti.